1 Nov

embe

r 201

3

2

Legal Disclaimer

Information in this presentation may involve guidance, expectations, beliefs,

plans, intentions or strategies regarding the future. These forward-looking

statements involve risks and uncertainties. All forward-looking statements

included in this release are based on information available to Dufry AG (the

“Company”) as of the date of this release, and we assume no duty to update

any such forward-looking statements. Factors that could affect the Company’s

forward-looking statements include, among other things: global GDP trends,

competition in the markets in which the Company operates, unfavorable

changes in airline passenger traffic, unfavorable changes in taxation and

restrictions on the duty-free sale in countries where the company operates.

3

Agenda

1. Highlights 9M 2013 Results

2. Financials

3. Conclusion

4

1. Highlights 9M 2013 Results

5

724793

847736

9311,021

0

600

1,200

Q1 Q2 Q3

(CH

F m

illio

n)

2012 2013

Key Figures 9M 2013 Results

Turnover EBITDA

EBITDA Growth and Margin

98122

140

85

133

168

0

100

200

300

Q1 Q2 Q3

(CH

F m

illio

n)

Turnover Growth Components

• Turnover grew by 14% to CHF 2,688.7 million− Organic growth of 2.4%

− Acquisitions of 11.6%

• Gross margin of 58.7%

• EBITDA of CHF 386.0 million

• EBITDA margin reached 14.4%− EBITDA growth of 20% in the third quarter

• Net cash flow generated from operations increased by 21% to CHF 346.6 million

2013 / 2012

HY Q3 9M

EBITDA growth '13/'12 -0.9% 20.0% 7.3%

EBITDA margin 13.1% 16.4% 14.4%

HY'13 Q3'13 9M'13

Like for Like 1.4% 2.5% 1.8%

New Concessions, net 0.7% 0.4% 0.6%

Organic Growth 2.1% 2.9% 2.4%Acquisitions 6.9% 20.1% 11.6%

Growth at Constant FX 9.0% 23.0% 14.0%FX effect 0.9% -2.4% -0.3%

Reported Growth 9.9% 20.6% 13.7%

6

Highlights 9M 2013

• Folli Follie Travel Retail integration− Business performing very well

− Record number of tourists visiting Greece expected for 2013

− Integration process well on track

• Expansion projects in Brazil− Sao Paulo T2 expansion

− Arrival shops: expansion works completed; full opening expected in the fourth quarter of 2013

− Departure shops: completion expected during Q4 2013

− Further development of duty free in Brazil

− New retail space in Sao Paulo T3, Brasilia, Natal and Viracopos

− Expand into new channels, e.g. border shops duty free

− Launch duty paid opportunity

− Bring Hudson concept to Brazil

− Dufry Shopping in Brasilia as a pilot

• Expansion in Asia− CHF 250 million sales contribution from new commercial space

− New operations in Taiwan, Indonesia, Sri Lanka, China, South Korea, Kazakhstan will expand footprint to 14 locations, totaling over 14,000 sqm in the region

7

Highlights 9M 2013

• Hudson – Second phase of international roll-out

− Current 119 shops in 29 locations in 12 countries

• Procurement and Logistics Reorganization

− Project moving as planned

− Benefits in gross margin expected for the next quarters

• Development by region 9 month 2013

− EMEA & Asia: Solid performance in most of locations, specially in Western Europe and Asia

− America I: Good performance in Mexico and parts of the Caribbean. Recovery in Argentina and Uruguay

− America II: First results of Sao Paulo shop expansion starting to be reflected in October

− United States & Canada: Continuous positive performance

• Trading update

8

EMEA & Asia33%

America I22%

America II19%

Global Distribution Centers

1%

United States & Canada

25%

Dufry’s Segmentation

Dufry by Region 9M 2013Dufry by Product Category 9M 2013

Dufry by Sector 9M 2013Dufry by Channel 9M 2013

DevelopedMarkets

Emerging Markets

Duty-free66%

Duty-paid34%

Airports88%

Border, downtown and

hotel shops5%

Railway Stations &

Other4%Cruise Liners &

Seaports3%

Perfumes and cosmetics

28%

Confectionary and Food

18%Luxury goods17%

Wine and Spirits16%

Tobacco goods8%

Literature and Publications

6%

Electronics3%

Other4%

9

3.3% 2.4%

8.1%

11.9%

3.9% 3.6%

5.0%

0%

3%

6%

9%

12%

15%

Like –for-Like Growth in 2013

Evolution of the Int’l PAX Forecasts

Source: Air4casts (26/10/2013)

International PAX Growth in 9M 2013

Source: ACI (Until August)

World Average

Historic & Forecast GDP and Passengers Growth

80

100

120

140

160

180

200

PAX GDP

CAGR = 5.1%(03-12)

CAGR = 3.9%(03-12)

2013 2014 2015

EUROPE 3.4% 1.9% 2.5%

AFRICA 5.3% 2.9% 3.0%

ASIA/ PACIFIC 7.6% 7.2% 6.6%

MIDDLE EAST 12.9% 10.4% 9.4%

LATIN AMERICA 4.6% 5.6% 5.3%

NORTH AMERICA 3.6% 3.0% 3.0%

WORLD 5.0% 4.2% 4.3%

10

0 2,500 5,000 7,500 10,000 12,500 15,000

EMEA & Asia

America I

America II

United States & Canada

to be opened in 2013 to be opened in 2014

Additional Signed Retail Space

Project Pipeline: 47,000 sqmSubtotal 6,000 sqm 20,100 sqm

Gross New Retail Space opened in 9M ’13*

Selected Signed Projects

EMEA & Asia16%

America I17%

America II6%

United States & Canada

61%

EMEA & Asia54% America I

12%

America II4%

United States & Canada

30%

New projects / Expansions in 2013

# shops sqmDuty Free and Duty Paid shops at new T3 at Guarulhos Airport, Brazil

18 7,100

Duty Free shop in Kinmen, Taiwan 1 3,000

Duty Free and Duty Paid shops at Brasilia and Natal International Airports

13 2,900

Expansion of existing duty free shops at Guarulhos Airport T2, Brazil

N/A 2,200

Duty Free and Duty Paid shops at Bali Int'l Airport, Indonesia

7 2,200

Duty Paid shops at Dallas International Airport 19 1,700

St. Louis International Airport 15 1,300

Duty Paid shops at JFK International Airport 4 1,100

* Does not include acquisitions

11

Moscow, Russia

Astana, Kazakhstan

Eriwan, Armenia

Shanghai, China

Chengdu, China

Shenzhen, China

Phnom-Penh, Cambodia

Siem Reap, Cambodia

Bali, Indonesia

Mattala Rajapaksa, Sri Lanka

Sharjah, UAE New Delhi, India

Expansion Projects: Asia

Busan, South Korea

Kinmen, Taiwan

Country Location DF/DP SQMTaiwan Kinmem Duty Free 3,000Indonesia Bali Duty Free 2,200

Sri LankaMattala Rajapaksa Duty Free 1,000

China Beijing Duty Paid 1,000South Korea Busan Duty Free 434Kazakstan Astana Duty Free 312

China Shenzhen

Duty Free(Supply and

Mgmt. Services) -

• Overall, sales contribution of CHF 250 million per year once all projects are operational

• Further opportunities identified in other markets

14 Locations in 10 Countries Strong Expansion

12

• Secured key contracts for 10 years

- Sao Paulo

- Brasilia

- Viracopos

- Natal

• Enlarged retail space and new shops will significantly improve spend per passenger

Brazil: Existing Business is Platform for Further Growth

New Agreements Overview

AirportsActual space 

(sqm)Additional Space

New space(sqm) 

Guarulhos 5,000 9,200 14,200

Brasília 500 2,900 3,400

Natal 200 1,000 1,200Viracopos 400 400 800

Goiânia ‐ 100 100New space 6,100 13,600 19,700

13

• EUR 10 million of synergies on track- Most to be seen in 2014

• Benefits mainly in Gross Profit margin- Purchase power of the Group- Advertisement income due to

relationship with brands- Pricing policy review based on

nationalities- Supply chain integrated with the Group

• Trading update- 2013 being the best year ever for

Greece in tourism- Up to Sep/13, double digit turnover

increase and EBITDA margin improvement

Update on Folli Follie Travel Retail Integration

International Tourist Arrivals in Greece*

10.4

11.4

9.8

10.0

10.2

10.4

10.6

10.8

11.0

11.2

11.4

11.6

9M 2012 9M 2013

(Mill

ions

)

10%

Note: Main airports onlySource: SETE (Association of Greek Tourism Enterprises)

14

Procurement and Logistics Platform

Objectives

• Support sales growth

• Gross margin improvement

• Working capital improvements

• Cost savings

Main Changes

• Centralization of logistics platform – focus on two companies

• Adapt procurement organization with dedicated teams

− Price and gross margin management

− Product / Assortment management

− Promotions

• Coordinated product category strategy and supplier negotiations

• Streamline processes and information flow across Logistics and Procurement

15

2. Financials

16

EUR23%

USD68%

Other9%

9M 2013 Turnover

Growth Components Q3 2013 Growth Components 9M 2013

Turnover Growth by Region

1 Pro-Forma includes turnover from HDF from Jan to Sep

Turnover by Currency 9M 2013 PF1

1.8%

2.7% -2.1%

2.4%

11.6%

-0.3%

13.7%

0%1%2%3%4%5%6%7%8%9%10%11%12%13%14%

HY'13 Q3'13

Like for Like 1.4% 2.5%

New Concessions 2.9% 2.9%

Discontinued Concessions -2.2% -2.5%

Reported Organic Growth 2.1% 2.9%

Acquisitions 6.9% 20.1%

Growth at constant FX 9.0% 23.0%

FX effect 0.9% -2.4%

Reported Growth 9.9% 20.6%

Region

Turnover9M 2013

(CHF million)Turnover Growth

EMEA & Asia 894.9 50.9%

America I 569.6 -1.1%

America II 519.8 -5.2%

United States & Canada 659.0 7.3%

Dufry Group 2,688.7 13.7%

17

Income Statement

Note:(1) EBITDA before other operational result

(CHF million) 2011 % 2012 % 9M 2012 % 9M 2013 %

Turnover 2,637.7 100.0% 3,153.6 100.0% 2,363.9 100.0% 2,688.7 100.0%

Gross profit 1,535.3 58.2% 1,856.6 58.9% 1,390.3 58.8% 1,579.1 58.7%

Concession fees (544.2) 20.6% (645.6) 20.5% (482.7) 20.4% (578.7) 21.5%

Personnel expenses (402.6) 15.3% (474.7) 15.1% (354.3) 15.0% (399.5) 14.9%

Other expenses (217.6) 8.2% (262.3) 8.3% (193.4) 8.2% (214.9) 8.0%

EBITDA(1) 370.9 14.1% 474.0 15.0% 359.9 15.2% 386.0 14.4%

Depreciation (58.8) 2.2% (65.1) 2.1% (45.5) 1.9% (50.3) 1.9%

Amortisation (72.7) 2.8% (103.2) 3.3% (78.8) 3.3% (89.0) 3.3%

Other operational result (26.9) (30.1) (11.7) (28.3) EBIT 212.5 8.1% 275.6 8.7% 223.9 9.5% 218.4 8.1%

Financial result (49.4) (78.3) (53.1) (69.6) EBT 163.1 6.2% 197.3 6.3% 170.8 7.2% 148.8 5.5%

Income tax (28.2) (39.1) (30.2) (27.3) As % of EBT 17.3% 19.8% 17.7% 18.3%Net Earnings 134.9 5.1% 158.2 5.0% 140.6 5.9% 121.5 4.5%

Attributable to:Minority interest 23.0 35.8 24.8 48.5

Equity holders of the parent 111.9 4.2% 122.4 3.9% 115.8 4.9% 73.0 2.7%

18

Net Earnings / Earnings Per Share

Core Earnings Per Share - Quarter Core Earnings Per Share – Nine Months

• Core EPS 2013 Normalized for non-recurring transaction cost of HDF

1.72

2.13

2.81

1.02

1.77

2.25

0.00

1.00

2.00

3.00

Q1 '12 Q2 '12 Q3 '12 Q1 '13PF

Q2 '13PF

Q3 '13

(CH

F)

6.66

5.04

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

9M 2012 9M 2013 PF

(CH

F)

19

Summary Balance Sheet - 30 September 2013

Intangible Assets Related to AcquisitionsIntangible Assets 30/09/2013

Summarized Balance Sheet

Acquisitions made in Aug/11

29%

Hellenic DF Acquisition

26%

Brasif Acquisition

13%

Hudson Acquisition

11%

Dufry Acquisition

7%

Other14%

Goodwill35%

Concession rights finite

56%Brands

7%

Concession rights

indefinite2%

(CHF million) 31.12.2012 30.09.2013 VariationPP&E 260 301 41Intangible assets 2,033 2,776 744Other non current assets 37 49 13Net Working Capital 233 293 60Other current assets 129 185 56

Equity 1,353 1,471 118Net Debt 951 1,507 556Non current liabilities 68 84 16Deferred tax liabilities, net 11 110 100Other current liabilities 307 432 125

20

Cash Flow Statement

Core Net Working Capital Evolution1Capex Evolution

1 Inventories + Trade and credit card receivables - Trade payables2 Based on PF LTM turnover adjusted for acquisitions

2

54 66 68 6898 92

112

80

113

3.7%3.4% 3.2%

2.9%

3.7%3.5% 3.5% 3.4%

4.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

0

40

80

120

160

2006 2007 2008 2009 2010 2011 2012 9M '12 9M '13

Cap

ex(a

s %

of T

urno

ver)

Cap

ex(C

HF

mill

ion)

Capex Capex as % of Turnover

In millions CHF 30/09/2013 30/09/2012EBITDA before other operational result 386.0 359.9

Changes in net w orking capital (2.7) (30.4)Taxes paid, other operational items (36.7) (43.4)

Cash Flow from operating activities (CFOA) 346.6 285.4

Capex, interest income (111.4) (77.0)Free Cash Flow 235.2 208.3

Interest paid (61.2) (52.0)Other (50.2) (21.1)

Cash Flow used for financing (111.4) (73.1)

Acquisitions / Business combinations1) (278.2) (46.2)

Change in Net Debt (154.4) 89.1

Net debt -Business combination (acquisition of Hellenic Duty Free) (407.3) - Currency translation 5.6 (1.6)Change in Net Debt, incl. Acquisition and Translation effect (556.1) 87.5

Net Debt

– at the begining of the period 951.1 1,361.4 – at the end of the period 1,507.3 1,273.9

1) Acquisit ions / Business combinat ions CHF 243.2m and Shareholder st ructuring Hellenic Duty Free CHF 35.0m

213 235 221 233 236 260293

7.2%7.7%

7.0% 7.4% 7.4% 7.2%8.1%

0.0%

1.5%

3.0%

4.5%

6.0%

7.5%

9.0%

0

100

200

300

400

NW

C (a

s %

of T

urno

ver)

NW

C (C

HF

mill

ion)

Core Net Working Capital NWC as % of Turnover

21

1,3611,274

951 948

1,572 1,507276 276

600

800

1,000

1,200

1,400

1,600

Dec 11 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13

(CH

F m

illio

n)

Reported Net Debt Pro-Forma adj. for Capital Increase

Financing and Covenants

Debt by Currency - 30 Sep 2013

USD67%

CHF8%

EUR25%

Net Debt Evolution

1,227 1,224

Covenant Evolution

3.67 3.603.34

3.102.92

2.38 2.37

3.10

3.30

3.90 3.753.50

3.25

3.50

4.254.00

3.753.50

2.00

2.50

3.00

3.50

4.00

4.50

(Net

Deb

t/Adj

uste

d E

BIT

DA

)

Actual Threshold

(1) Since April 2013, Additional local syndicate facility of EUR 335 million for FF travel retail

(1) (1)

22

40

60

80

100

120

140

160

Jan/10 Jun/10 Nov/10 Apr/11 Sep/11 Feb/12 Jul/12 Dec/12 May/13 Oct/13

(CH

F, U

SD

)

Share Price (CHF) SPI (rebased to DUFN in Jan/10)

Equity

Daily Average Trading Volume in CHF

Shareholder Structure

Note: (1) Since April 2010 including trading volumes of Dufry AG BDR.

Note: Until 31/10/2013

Market Cap: CHF 4,400 millionUSD 4,800 million

Dufry Share Price

Note: 2013 until 31/10/2013

1.7

9.311.3

15.6

25.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2009 2010 2011 2012 2013

(CH

F m

illio

ns)

Shareholder Group including

Travel Retail Investments and Hudson

Media19.0%

Free Float81.0%

23

3. Conclusion

24

Outlook

• Focus on execution in the coming quarters

• Integration of Folli Follie Travel Retail

– Synergies anticipated

• Projects in Brazil

– Sao Paulo T2 expansion in Sao Paulo airport in progress

– T3 expansion project as well as other duty free spaces scheduled for May 2014

– Implement duty paid pilot in Brasilia Airport

• Asia expansion: opening of projects won recently

• Logistics/Procurement project

• New projects and initiatives will deliver growth and profit contribution along 2014

– Full potential to be reflected in 2015

25

Thank You!

Athens International Airport, Greece